The SBTi call to action also forms one of the We Mean Business Coalition commitments.
The SBTis are a set of guidelines for companies and financial institutions to help them reduce greenhouse gas (GHG) emissions. The initiative defines science-based targets as those that can help the world achieve the Paris Agreement goal of limiting global warming to below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C.
The SBTi helps achieve the targets by:
- “Defining and promoting best practices in science-based target setting.”
- Providing technical assistance and expert resources to companies and financial institutions that set science-based targets in line with the latest climate science.
- Bringing together a team of experts to provide organisations with independent assessment and validation of targets.
Leading the Business Ambition for 1.5°C campaign, mobilising companies to set science-based targets in line with a 1.5°C future.
Current participants of the Science Based Targets initiative
As many as 2643 companies have participated in the initiative, comprising 1226 companies setting science-based targets and 1317 companies with commitments to limiting global warming to 1.5°C.
A comprehensive search portal for companies taking part can be found here.
Taking part by setting science-based targets to help fight climate change ensures future-proof growth, helps companies save money, provides regulation resilience, helps boost investor confidence, promotes innovation and competitiveness as well as attracts “increasingly-conscious consumers”.
Companies and financial institutions can participate in the initiative by signing up to the Net-Zero Standard in addition to setting a target that aims to help limit global warming to 1.5°C and carbon neutrality. The companies who sign up to the Net-Zero standard are entitled to be recognised on the SBTi and UN Global Compact websites “as having committed to the most ambitious science-based targets”.